Equities Soar: Sensex, Nifty close at record highs

Mumbai, Nov 10 (SocialNews.XYZ) As a bull run continued on the Indian stock market on Tuesday, both Sensex and Nifty50 closed at record levels.

BSE Sensex closed at 43,277.65, higher by 680.22 points, or 1.60 per cent, from the previous close of 42,597.43.

It also recorded an all-time intra-day high of 43,316.44 points.

The Nifty50 on the National Stock Exchange (NSE), settled at its record closing level of 12,631.10, higher by 170.05 points, or 1.36 per cent, from its previous close.

Massive foreign fund inflows on the back of accelerated vaccine development, along with clarity on US Presidential election results and a fast-paced economic recovery, lifted key Indian equity markets to touch new record highs during Tuesday's intra-trade session.

The buying sentiment got a boost on news that pharmaceutical major Pfizer's experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results.

Besides, hopes of a bigger stimulus in the US and healthy domestic Q2 earnings results supported the northward movement.

Closer at home, the positive early leads of the ruling coalition in Bihar in the election counting also generated an overall feel good factor.

Healthy buying was witnessed in banking, finance and capital goods stocks, while IT and healthcare stocks witnessed a sell-off.

"Equity markets scaled new heights as a trial of a Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE showed more than 90 per cent effectiveness," said Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.

"The success of trials lifted confidence for a faster world economic recovery. Stocks that have been beaten down by the severe disruption of the pandemic, such as those tied to travel and leisure, movie theatres, and theme parks, along with some retailers and restaurants led the markets higher."

Source: IANS